Tata Power, Adani, and Power Grid are in a bidding war for UP Transco

Major power corporations such as Tata, Adani, Sterlite, and the state-run Power Grid Corporation of India have placed binding offers to buy South East UP Power Transmission Company.

Major power corporations such as Tata, Adani, Sterlite, and the state-run Power Grid Corporation of India have placed binding offers to buy South East UP Power Transmission Company.

Major power corporations such as Tata, Adani, Sterlite, and the state-run Power Grid Corporation of India have placed binding offers to buy South East UP Power Transmission Company.

Isolux Corsan, the company that owns the power utility, filed for bankruptcy in Spain earlier this year, leaving the local subsidiary to function on its own. According to a storey in ET citing persons in the know, Tata Power has bid through Singapore-based Resurgent Power, in which it controls a 26 percent share through a subsidiary.

The bids have not yet been opened, according to a source familiar with the situation, and will be scrutinised for legal compliance before negotiations with the bidders begin.

The electricity transmission firm was placed on the block by its creditors in July 2020 under the Insolvency and Bankruptcy Code (IBC).

Tata Power's representative declined to comment on specific projects, saying that the company is still exploring and evaluating numerous development prospects, including in the transmission arena.

“As indicated earlier, the company is looking at both greenfield and M&A transmission opportunities directly as well as through its stressed asset platform,” a representative for Resurgent Power Ventures Pte Ltd told the daily.

Sterlite's spokeswoman said the transmission company always considers a variety of possibilities, including prospective growth opportunities, and that the company can "neither confirm nor deny its involvement" in any specific possibility as a policy matter.

During the early bidding process, around eight parties expressed interest. In March, Torrent Power, Megha Engineering, and a sovereign wealth fund filed expressions of interest. However, no one bid for the transmission utility in the end.

Isolux Corsan was awarded a 35-year concession to construct a 1,600-kilometer power transmission network in Uttar Pradesh in 2011, and it borrowed Rs 4,500 crore from Indian lenders to fund the project.

Within a 600-kilometer stretch near Aligarh, the Spanish company has erected lines and substations that are already operational. The state's major energy distribution business, Uttar Pradesh Power Corporation (UPPCL), pays the South East UP Power Transmission Company for carrying power under a concession agreement.

Private enterprises have only a 5% stake of the electricity transmission market so far. Private enterprises, on the other hand, account for over half of the capacity in the power generation sector.

 

Source:- TimesNowNews

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